KUALA LUMPUR: As per latest export import statistics released by the Malaysian Trade Ministry, the country’s iron ore imports surged significantly during the initial eleven months of the previous year. On the other hand, the country’s iron ore exports dropped slightly during the period.
According to trade data, the country’s imports of iron ore totaled 3.72 million tonnes during January to November last year. The imports during the period jumped higher by 120.48% when compared with the imports during the corresponding eleven month period in 2013.
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Bulk of the Malaysian imports was from Brazil. The imports from Brazil totaled 3.33 million tonnes accounting for almost 90% of the total imports by the country during the period. The imports of iron ore lumps and fines from Brazil surged higher by 139.4% YoY during the period. The iron ore pellet imports too rose 35.8% during January to November 2014.
Malaysia exported 10.34 million tonnes of iron ore during the initial eleven month period in 2014. The exports from the country dropped by nearly 10% when compared with the exports of 11.48 million tonnes during the corresponding eleven month period in 2013.
The largest export destination of Malaysian iron ore was China. The exports to China accounted for over 96% of the country’s total exports during the year. The country’s iron ore exports to Malaysia totaled 9.95 million tonnes during January to November 2014 as compared with 11.33 million tonnes during a year ago. On YoY comparison, the country’s exports to China during 2013 were down 12.15%.
